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Despite Price Volatility, Millennial Millionaires Plan To Buy More Cryptocurrency In The Coming Year, According To A Survey

While the cryptocurrency economy has suffered significant losses across the board, losing billions in the last two weeks, a recent CNBC millionaire survey found that millennial millionaires have a lot of crypto. Furthermore, millennial millionaires intend to diversify their portfolios with more digital assets in 2022.

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Despite the fact that the cryptocurrency economy has suffered significant losses across the board, losing billions in the last two weeks, a recent CNBC millionaire survey discovered that millennial millionaires own a significant amount of cryptocurrency. Furthermore, millennial millionaires intend to diversify their portfolios with more digital assets by 2022.
According to the CNBC survey, there is a generational divide between older millionaires and younger millionaires.

According to the CNBC survey, there is a generational divide between older and younger millionaires. Only 4% of the baby boomer generation owns cryptocurrency, while three-quarters of generation X survey participants do not. When it comes to leveraging crypto assets for investable wealth, millennial millionaires appear to be the forerunners.

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“This is a big difference between different generations of wealth,” George Walper, the president of Spectrem Group (who conducted the survey with CNBC) said when he discussed the results. According to Walper and CNBC’s survey, crypto assets will “remain central to their investing in the coming years” for generation Z and millennial investors.

Despite the decline in USD value of the crypto economy, “millennial millionaires plan to add more crypto in 2022.” Walper maintains that there are two types of millennial crypto investors: those who have made millions from crypto and those who have added crypto to their existing investable wealth. 45 percent of millennials said they inherited funds, and millennials with $5 million or more in investable wealth said “inheritance” played a significant role.

Additionally, there are millennials who made their millions from crypto and have become “self-made millionaires,” the CNBC survey notes. CNBC also asked Walper whether or not millennials would stay in the crypto market if the crypto economy continues to decline. “They seem to be comfortable with the volatility,” Walper concluded.